In compliance with Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, Union Bank Of India has informed that Reserve Bank of India has imposed a penalty of Rs 30 million on the Bank for delay in adherence to its directives on Time bound implementation and strengthening of SWIFT related controls contained in the RBI circular of 20th February, 2018. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The amount of the penalty is not material considering the size of the Bank. The incident of imposition of penalty of Rs 30 million has come to the knowledge on 02.03.2019. The Bank has taken necessary measures to implement and strengthen SWIFT-related operational controls and to ensure strict compliance of RBI directions in this regard.
The above information is a part of company’s filings submitted to BSE.
